Global waste management market was valued at $285.0 billion in 2016 and is projected to reach $435.0 billion by 2023, growing at a CAGR of 6.2 percent from 2017 to 2023, says a new report from Allied Market Research.
Europe accounted for the maximum share in waste management in 2016 and is expected to remain dominant during the forecast period.
Rise in environmental concerns along with inevitable increase in non-hazardous waste owing to rapid economic growth primarily across developing nations drive the demand for waste management.
The market is also driven by the growth in adoption of recycling techniques and development of innovative technologies and advanced waste collection solutions to enhance collection processes. These also help in the development of a greener environment.
Further, government initiative toward secure and safe environment and to reduce greenhouse gas emissions is expected to boost the growth of the waste management market.
CLEAN HARBORS, Waste Management, Suez Environment S.A. and Advanced Disposal Services are the major product and service providers to various end user industries across the globe.
Municipal solid waste is expected to reach $222.8 billion by 2023, growing at a CAGR of 6.1 percent during the forecast period.
The collection service in waste management market is expected to grow at a notable rate during the forecast period. Strict regulatory norms to limit landfills and government measures to facilitate the collection of recycling waste for the treatment facilities foster the market growth.
The fastest growing service for the waste management market is the disposal segment, which is expected to grow at a CAGR of 6.9 percent and is forecast to reach $230.7 billion by 2023.
The majority of the growth in the waste management market is expected to be witnessed from the emerging regions of Asia-Pacific. Factors such as rapid industrial development and emergence of new recycling techniques drive the global waste management market.
Europe accounted for the highest share in the waste management industry in 2016, and is expected to maintain its dominance throughout the forecast period, owing to existence of well-developed infrastructure and various end-user industries in the region. The market accounted for more than 30 percent share in 2016.